In Brief: BB&T Buys Lender To Lawn-Care Firms

BB&T Corp. said Thursday that it has bought Refloat Inc. of Mount Airy, N.C., and its principal subsidiary, Sheffield Financial Corp., which specializes in loans to small commercial lawn-care businesses across the country.

BB&T said the transaction, which was accounted for as a purchase, was completed July 31. Terms were not disclosed. Refloat/Sheffield will operate independently and give BB&T entry into a new line of business.

"We're very excited about what this means to BB&T and their efforts to replicate the Sheffield process into other lines of business," said Jack Snow, who will remain Sheffield's president.

Clemmons-based Sheffield lends to businesses purchasing commercial lawn and outdoor power equipment. The company also provides direct credit for customers of manufacturers and lawn and garden equipment dealers.

BB&T Corp., a multibank holding company with $27.5 billion of assets, operates 485 offices in North Carolina, South Carolina, and Virginia.

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